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Greenspan: Tax hike needed to save Social Security
- Article from:
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The Columbian
- Article date:
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March 12, 2004
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MARTIN CRUTSINGER, Associated Press
The Columbian
03-12-2004
WASHINGTON -- Federal Reserve Chairman Alan Greenspan said Thursday that tax increases probably will be needed in combination with benefit cuts to close the massive funding gap faced by Social Security.
But for the good of the economy, he said, Congress needs to get most of the savings by trimming benefits.
Greenspan sparked a political uproar two weeks ago when he said the government will not be able to afford all the benefits promised to future Social Security retirees. He was criticized by Democrats for continuing to support making President Bush's tax cuts permanent while at the same time endorsing cuts in retirement ...
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